Last September, I posted about Wachovia adding a $50 annual fee to its individual investor discount brokerage account. I was disappointed I couldn’t get it waived, so I decided that I would transfer my funds out in 2005 before getting charged another annual fee in September. The account termination fee was $75, so I’d be paying $25 more up front, but saving money down the road by investing with a no-fee broker.
I received notification today that as of May 1, the account cancellation fee will increase to $95. This account is costing more money than it’s generating.
Goodbye, Wachovia — hello, Scottrade. I filled the forms out as soon as I got home. I’m not waiting until May 1 to take care of this. I’ll also switch my investment from AIVSX to VTSMX or something similar, once everything is settled.
Also: I’m going to be on vacation starting Friday and returning the following Saturday. If you’re interested in guest-blogging on Consumerism Commentary, let me know by sending an email.
» Play Daily Wrap Audio
Updated October 14, 2016 and originally published April 11, 2005.